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Topics Covered
Origins of the Sui Network
Developer Interest in the Sui Network
The Team Building the Sui Network
Strategies to Optimize the Bull Market
Quick Notes🏃♂️
Sui is a layer-one blockchain, is swiftly emerging as a dominant force.
It is not only gaining traction with nearly 10 million wallets
But it also has a suite of applications built on it.
Thus, these applications enhance their usability for users and developers.
It was created by the visionary team at Mysten Labs.
Sui's ascent is propelled by the innovative programming language, Move.
Move offers developers unparalleled flexibility to build their desired dApps.
The blockchain's surging popularity positions it as an emerging platform.
Thus, signaling the network has the potential to be a major competitor in crypto.
Ultimately Sui should embrace this bullish market cycle.
The network cannot miss the chance to bring more developers to the platform.
Thus, initiatives will likely be created to make that a reality and have exponential growth.
Full Analysis📝
Exploring the Rapid Ascent and Potential of Sui
There is a new layer one blockchain that is gaining immense traction in the last few months.
This week we are diving into Sui.
The network is an emerging blockchain that is catching fire and has a lot of potential.
Sui was created by Mysten Labs, a company focused on building tomorrow's internet.
It has since become a very popular blockchain with nearly 10 million wallets.
With Sui being the foundation of the ecosystem,
Mysten Labs has also built complementary apps to make the Sui network usable.
These include the Sui Wallet, Sui Explorer, and the Sui Name Service.
Based on these apps, it is clear the Mysten team is taking experiences from top Web2 companies into Web3.
As an emerging network, Sui has a lot of work to do
But the blockchain has a ton of upside potential.
Thus, it is attractive to developers who are looking to build unique use cases.
Being built on the move network allows developers to create their desired dApps with ease.
Sui is rising very rapidly and could be a network that has instrumental potential in fostering widely adopted applications.
Capturing Developer Interest and Forging a New Path in Blockchain Innovation
Since its launch in May of last year, the Sui blockchain has risen in popularity.
According to Electric Capital’s most recent developer report,
More new blockchain developers chose to build on the Sui than Cardano, Ripple, and Tron.
Cardano, Ripple, and Tron have all launched over 5 years ago.
Thus, Sui has been able to drive developer excitement for a fairly new project.
The primary language for the Sui blockchain is Move.
The increase in developer interest in Sui could be speculation on token appreciation
But another factor could be the flexibility that the Move language offers developers.
Move ensures that code is safe and secure while also letting developers freely create and manage their own types of digital assets and write detailed rules for transactions.
Thus, developer flexibility enables developers to build a wide range of dApps.
The Sui ecosystem is evolving,
Thus, Sui is hosting its first flagship conference, Sui Basecamp, this year in April
Hosting a flagship conference places Sui in the same category as Solana and Avalanche.
Successful conferences demonstrate developer and economic interest in the chain.
Currently, there are 85 projects built on Sui that are listed on the layer one’s directory.
But many of them are very new in their development.
For example, the largest DEX on the Sui network, Cetus, launched closely after the network.
Thus, both have been live for under a year which means that there is large growth potential.
Since the beginning of the year, derivatives volume in the Sui ecosystem has reached $124 million.
This demonstrates growth of more than 100% in the last 30 days alone.
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Potential Strategic Moves to Ignite Growth and Catalyze Blockchain Innovation
As mentioned above, increased developer activity is a positive sign for Sui.
With the bull market quickly on the horizon,
It is the ideal time for developer activity to be increasing.
New projects will be built on the protocol which increases users and use cases.
Additionally, Sui will become a better protocol with a larger developer community.
Thus, Sui will be able to add value to the broader ecosystem and challenge incumbents.
If Sui is seen by retail investors as a project with a high upside, it will attract liquidity.
Traders will be attracted by Sui’s developer excitement, increase in market activity, and positive news cycles.
But long-term Sui believers will be very bullish on the network’s expanding ecosystem.
Additionally, they will take a longer bet on Sui’s rise in developer activity.
Sui is in a position to attract liquidity in near and long-term cycles.
Thus, if the team executes a strategy, Sui’s network value could increase dramatically.
Something that Sui should prioritize is pushing to drive more developers on the network.
It sounds very simple as that is a priority for most,
But Sui has momentum and can rapidly grow in this crypto market which is projected to expand.
Thus, Sui should incentivize developers to build on the platform.
Sui should be very intentional about what intrigues the developers.
To discover the developer pain points, Sui should get direct developer feedback.
One thing the team can do is create surveys with meaningful and thought-provoking questions.
To get new developers to provide meaningful feedback, they can connect their wallets.
For people who provide informative feedback, Sui can distribute tokens as a reward.
Additionally, it is important to note that Sui also has a grants program.
Thus far, the program has deployed over 4.5 million dollars to over 86 projects.
In this moment, Sui can ramp up developer activity by increasing grant funding.
Specifically, Sui can request grant proposals from developers.
Sui requesting grant proposals can direct dApp development to expedite desired use cases.
In general, ecosystem development is incredibly important for Sui.
Using the prior mentioned ideas, Sui could also run a launch pad
Or they could partner with an accelerator like Techstars or Outlier Ventures.
Thus, they can progress and get companies in their ecosystem capital to grow.
Targeting these strategies could be a great step toward experiencing rapid growth in the bull market.
Mysten Labs' Stellar Team Fuels Sui's Blockchain Innovation
The Mysten Labs founding team is composed of 6 people who are Meta alumni.
Evan Chang is the CEO, Sam Blackshear is the CTO, Adeniyi Abiodun is the CPO,
Kostas Chalkias is the Chief Cryptographer, and George Danezis is the Chief Scientist.
True to the Meta roots of the team, Evan was the former Director of Research at Novi Financial.
Additionally, Evan is also an Apple veteran who spent nearly a decade at the firm.
With this experience at Apple, Sui is positioned to take design knowledge and apply it to Web3.
Sam is most lauded for his contributions toward the creation of the move language.
Move is the programming language of the emerging Sui Network.
He also has a Ph.D. from the University of Colorado where he made contributions to many publications.
Adeniyi adds a significant amount of blockchain expertise before his time at Meta.
He is the founder of Cloud Hashing, a Bitcoin cloud mining platform that exited in 2014.
Since then he became a blockchain-focused product leader at VMWare, Oracle, and Meta .
Kostas also has been a founder before by co-founding Safemarket and Erybo.
Post these two endeavors, he became the cryptographer at R3 and then Meta.
George has a robust history in academia as he has a Ph.D. from the University of Cambridge.
He’s since done research from the university along with Microsoft, Chainspace, and the University of London.
Ultimately, Mysten Labs has a founding team that covers the core aspects of a crypto project.
While the Sui blockchain they created does not have direct ties to the Diem concept.
Diem was a blockchain that Meta was developing,
But the project stalled.
Assuming the Mysten Labs founding team gained exposure to Diem,
It makes sense for web3 to have been the next step in the team’s career journey.
Additionally, the Mysten Labs team was able to secure funding from reputable venture capitalists.
These include A16z Crypto, Jump Capital, Coinbase Ventures, Electric Capital, and Circle.
With this type of talent at the beginning of the project, it makes sense that the team would be able to raise millions of dollars from reputable investors.
Unlocking Potential and Charting a Strategic Vision for Sui's Growth in the Blockchain Ecosystem
At this point in time, Sui has the chance to spur immediate growth, paving the way for long-term success.
To be able to have success,
The network has to incentivize developers to build the best dApps on the platform.
However, there will be fierce competition from other chains to do the same thing.
Since Sui is a newer platform, it has to capitalize on its existing momentum.
But to lure developers to the platform, Sui needs to incentivize developers to use the platform.
Thus, Sui has to execute business development strategies to accelerate the process immediately.
Developers should look into using the Sui network as the move language allows for flexibility.
Additionally, the network is less than a year old.
Thus, there is a high upside for developers to use the platform and be well rewarded.
The high upside of using projects on an emerging network will also drive users as well.
New dApps deployed on the Sui blockchain,
Thus, users have to contribute by using these applications and contributing to communities.
Those who do contribute have the potential to be rewarded for not only strengthening the dApps
But also the Sui network.
Sui is poised to transform its current momentum into a lasting footprint in the crypto landscape.